VNL.L Regulatory News (VNL)

21 November 2012

VinaLand Limited

Results of EGM

Ho Chi Minh City - VinaLand Limited ("the Company" or "VNL"), the AIM-quoted investment vehicle established to target key growth segments within Vietnam's emerging real estate market, announces today that shareholders have supported both recommendations put forth by the Board regarding the continuation of the Company. As a result the Special Resolution, which called for the continuation of the Company as presently constituted was not passed and the Ordinary Resolution to restructure the Company was passed with a two-thirds approval rate, at the Extraordinary General Meeting of Shareholders ("EGM") held on Wednesday, 21 November 2012.

The Ordinary Resolution establishes the framework to restructure the Company including changes to the Company's investment strategy, distribution policy, investment manager's remuneration and corporate governance.

* Percentage of votes cast excludes Withheld votes.

Commenting on the results of the EGM, Nicholas Brooke, Chairman of the Company, said: "We are very pleased to see shareholder support for the proposal, which was the culmination of extensive consultation with the Company's shareholders, corporate advisers and the investment manager over the last year. As a result, VNL plans to make no new investments and will distribute all surplus cash to shareholders over the next three years."

In addition to the changes to the investment and distributions strategies, the investment management agreement has been revised to strongly align the investment manager's interests with shareholders' interests, and a range of corporate governance enhancements will be made to align the Company's practices with recommended best practices elsewhere. At the conclusion of this three year cash return period, shareholders will be given another opportunity to reassess the Company's strategy and vote on the way forward.

Notes to Editors:

VinaCapital is a leading asset management and real estate development firm in Vietnam, with a diversified portfolio of USD1.6 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of investment professionals who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has teams with broad experience covering equity markets, fixed income, private equity, venture capital, real estate and infrastructure.

VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds are: VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson.

VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang, Phnom Penh (Cambodia) and Singapore. More information about VinaCapital is available at www.vinacapital.com.

Enquiries:

David Dropsey

VinaCapital Investment Management Limited

Investor Relations/Communications

+84 8 821 9930

david.dropsey@vinacapital.com

Philip Secrett

Grant Thornton Corporate Finance, Nominated Adviser

+44 (0)20 7583 5100

philip.j.secrett@uk.gt.com

Hiroshi Funaki / William Marle

LCF Edmond de Rothschild Securities, Broker

+44 20 7845 5960

funds@lcfr.co.uk

Hugh Jonathan / David Benda

Numis Securities Limited, Broker

+44 (0)20 7260 1000

h.jonathan@numis.com 

d.benda@numis.com

Mark Walters

FTI Consulting, Public Relations (Hong Kong)

+852 3716 9802

mark.walters@fticonsulting.com

Andrew Walton

FTI Consulting, Public Relations (London)

+44 (0)20 7269 7204

andrew.walton@fticonsulting.com